Wedding bells have been ringing throughout the month of June, signifying blissful brides and proud grooms. For many of these newlyweds, romance has been front and foremost on their minds, and since it is decidedly unromantic, few will have ever discussed their respective financial conditions and expectations for the future. Understanding your new spouse's financial condition and his or her goals creates a healthy and happy marriage, but also protects you if things go awry.

Following are a few tips for the smart newlywed:

• Communication. Although uncomfortable, you should discuss your partner's financial condition before the marriage, including respective incomes, debts, assets, credit ratings, and future issues such as paying household bills, saving for retirement, filing taxes (separately or individually) and holding title to land. This will alleviate the stress of making these types of decisions early in your marriage and hopefully eliminate unpleasant surprises such as finding out your new spouse has enormous credit card debt or a poor credit rating.

• Prenuptial agreement. If either of you owns a business, has a degree or license in a lucrative profession, stands to receive a large inheritance, has children from a previous relationship, or has assets purchased before the marriage, consider a prenuptial agreement. Many think of prenuptial agreements as only protecting the wealthy or income producing spouse. However, such an agreement can be crafted to protect assets owned before and gained during the marriage, thus avoiding costly divorce proceedings to determine ownership of these same assets. Worthy of consideration in a prenuptial agreement is the division of retirement accounts in the event of divorce. In Alabama up to 50 percent of your individual retirement account can be awarded to your spouse after 10 years of marriage.

• Financial independence. Establish credit in your own name separate from that of your spouse. It is becoming more difficult to own credit cards which will make it difficult for stay-at-home parents, retirees and low-income spouses to establish credit after a divorce. Also avoid jointly owned credit cards as you can be held liable for the debt even if your divorce agreement or the court requires your spouse to pay the debt. The credit card company cannot be forced to remove your name from liability; therefore, if your spouse fails to pay the debt as ordered, it will negatively affect your credit. Establish separate checking and savings accounts, along with your joint accounts. This will give you access to monies if you are ever cut off from joint monies or your spouse's income due to garnishment, death, divorce or other unforeseen calamity.

• Insurance. It is a sound idea to purchase life and disability insurance early for at least two reasons -- 1) the premiums are usually lower and 2) the possibility of uninsurability later. Insurance is essential to secure the family's standard of living in the event of death or injury and also to secure child support, alimony and property settlements awarded in divorce.

Tax returns. Most married couples file joint returns due to the tax benefits received; however, it is not always the best course. If your spouse owns a business and the profits and losses are reported on your personal return, you are responsible for the correctness of the information, regardless whether you knew the information was false. If you do not have access to the finances of the business, you should consider filing a separate return. (The• re is an exception, "Innocent Spouse Relief" that may apply; however, it is difficult to qualify for the exception and it is applicable only under limited circumstances).

• Keep informed. Make it a priority to know your family's debts, assets, monthly income and expenses. Insist that your name be on the title to property, businesses and financial accounts. This will discourage mishandling of monies during the marriage and the hiding of assets in preparation for divorce.

Romantic or not, approximately 50 percent of the June weddings will end in divorce so it is important to tackle these issues. Once it is all in place you will be well on your way to "happily ever after" whether you have a long-term marriage or one that ends in divorce.

This memorandum was written by Jessica Kirk Drennan, a divorce lawyer in Birmingham.